92[R1] CHAPTER XII-F
Special provisions relating to tax on
income received
from venture capital companies and
venture capital funds
Tax on income in certain cases.
115U. (1) Notwithstanding anything contained in
any other provisions of this Act, any income received by a person out of
investments made in a venture capital company or venture capital fund shall be
chargeable to income-tax in the same manner as if it were the income received
by such person had he made investments directly in the venture capital
undertaking.
(2) The person responsible
for making payment of the income on behalf of a venture capital company or a
venture capital fund and the venture capital company or venture capital fund
shall furnish, within such time as may be prescribed, to the person receiving
such income and to the prescribed income-tax authority92a[R2] ,
a statement in the prescribed form92a[R3]
and verified in the prescribed manner, giving details of the nature of the
income paid during the previous year and such other relevant details as may be
prescribed.
(3) The income paid by the
venture capital company and the venture capital fund shall be deemed to be of
the same nature and in the same proportion in the hands of the person receiving
such income as it had been received by, or had accrued to, the venture capital
company or the venture capital fund, as the case may be, during the previous
year.
(4) The provisions of
Chapter XII-D or Chapter XII-E or Chapter XVII-B shall not apply to the income
paid by a venture capital company or venture capital fund under this Chapter.
Explanation.—For the purposes of this Chapter, “venture capital
company”, “venture capital fund” and “venture capital undertaking” shall have
the meanings respectively assigned to them in clause (23FB) of section 10.]